DAX PERFORMANCE-INDEX (.GDAXI) Seen Up As UK Voters Head To Polls
European stocks may open flat to slightly higher on Thursday as new President Christine Lagarde chairs her first European Central Bank (ECB) meeting and the subsequent press conference later today.
Any hints on the economic outlook, inflation expectations and future policy decisions would be highly relevant for markets.
Meanwhile, the United Kingdom votes today, with possible outcomes ranging from a landslide victory for Tories to a hung Parliament. Today’s election has been described by all parties as Britain’s most important in memory.
Asian markets are trading mixed after the Federal Reserve left interest rates unchanged, as widely expected, and indicated it would not tighten monetary policy prematurely.
Gold prices traded higher, the British pound strengthened and oil prices inched higher while the dollar index slipped after the Fed’s decision.
In economic releases, U.K. house prices declined at the fastest pace since April as uncertainties from Brexit and general election weighed on the property market, survey data from the Royal Institution of Chartered Surveyors showed earlier today. The house price balance fell to -12 in November from -5 in October.
U.S. stocks edged up marginally overnight. The Dow Jones Industrial Average crept up 0.1 percent, the tech-heavy Nasdaq Composite gained 0.4 percent and the S&P 500 added 0.3 percent.
European markets also gained ground on Wednesday on speculation the Trump administration may delay additional tariffs on about $160 billion worth of Chinese goods slated for Sunday.
The pan European Stoxx 600 advanced 0.2 percent. The German DAX rose 0.6 percent, France’s CAC 40 index inched up 0.2 percent and the U.K.’s FTSE finished marginally higher.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 13,520.16.
The projected lower bound is: 12,974.98.
The projected closing price is: 13,247.57.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 77.5233. This is not an overbought or oversold reading. The last signal was a buy 6 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.97. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 21 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 49. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 20 period(s) ago.
Rex Takasugi – TD Profile
XETRA DAX PF closed up 74.899 at 13,221.640. Volume was 3% above average (neutral) and Bollinger Bands were 58% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 13,109.70 12,934.59 12,263.63
Volatility: 17 14 16
Volume: 73,087,736 78,377,776 87,016,096
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
XETRA DAX PF is currently 7.8% above its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of .GDAXI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .GDAXI and have had this outlook for the last 8 periods.
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